The founders noted that for a savings cooperative effort to thrive, certain conditions must exist. Such conditions include: economic hardships, a large number of potential members who are quite homogenous with similar limitations and needs, some organized leadership, a potential for credit extension, ability to save consistently, regular, stable and reliable incomes irrespective of size, possibility for members to negotiate loan terms tailored strictly to individual member’s cash flows.
These conditions also include a “common bond” which determines who can join. The common bond may be people living or working in the same area, people working for the same employer or people who belong to the same association or profession such as teaching.
